© Dukascopy Bank SA
- TD Securities (based on Business Recorder)
Pair's Outlook
Even though the RBNZ cut its cash rate yesterday, the New Zealand Dollar still appreciated against its US counterpart, as the bank announced that no further easing is required for the inflation to reach its 2% target. Today the Kiwi faces a resistance around 0.6765, represented by the Bollinger band and the monthly R1, while another possible obstacle might be provided by the five-week high. Meanwhile, dips are to be limited by the weekly PP or the tough cluster around 0.6580 if the immediate support is breached.
Traders' Sentiment
Bullish SWFX traders' sentiment remains at 53% for the second day today. At the same time, there are less orders to purchase the NZ Dollar, as their percentage dropped from 60 to 44%.
© Dukascopy Bank SA